Elon Musk wants X to handle users’ “entire financial life,” and it could be possible as early as next year. According to The Verge’s reporting, Musk and CEO Linda Yaccarino mentioned this timeline to employees during an all-hands call on Thursday, Oct. 26.
“It’s not just like ‘send $20 to my friend,’” Musk said. “I’m talking about, like, you won’t need a bank account.”
This announcement is not the first time the co-founder of PayPal has shared his vision for entering the financial sector. In his initial meeting with Twitter staff after taking the helm, he reportedly discussed offering an array of services to establish the platform as “the people’s financial institution.”
Musk’s vision is to transform X into a super-app akin to WeChat in China, which is seemingly reminiscent of his original plans for PayPal.
The move aligns with the broader trend of Big Tech companies venturing into financial services. Apple and Alphabet have introduced mobile wallet solutions. Apple, in partnership with Goldman Sachs, announced a high-yield savings account option in April. Additionally, Amazon has entered the financial sector by providing financing for small and medium-sized businesses.
